31 Mar 2020 11:46
Fitch downgrades Bupa Finance plc's credit rating but affirms Bupa Insurance Limited's Insurer Financial Strength at 'A+'
Credit rating agency Fitch Ratings has downgraded Bupa Finance plc's Long-Term Issuer Default Rating (LT IDR) to 'A-' from 'A'. Bupa Finance plc is the main financing company, and an intermediate holding company, in The British United Provident Association Limited group (Bupa/the Bupa Group). A full list of ratings impacted is available at the end of this press release.
Fitch has also downgraded Bupa Finance plc's senior and subordinated debt ratings, with the exception of one subordinated debt issuance whose rating has been affirmed.
Bupa Insurance Limited's Insurer Financial Strength (IFS) rating and LT IDR have been affirmed at 'A+' (Strong) and 'A' respectively. Bupa Insurance Limited is an operating subsidiary of the Bupa Group in the UK. The outlooks on both Bupa Finance plc's LT IDR and Bupa Insurance Limited's IFS rating are stable.
See the full announcement from Fitch here.
List of affected ratings:
Bupa Insurance Ltd | Rating | Prior |
Insurer financial strength | A+ (affirmed) | A+ |
Long term issuer default | A (affirmed) | A |
Bupa Finance plc | ||
Long term issuer default | A - (downgrade) | A |
Short term issuer default | F2 (downgrade) | F1 |
Senior Unsecured | BBB+ (downgrade) | A- |
Subordinated (guaranteed) | BBB+ (affirmed) | BBB+ |
Subordinated (unguaranteed) | BBB- (downgrade) | BBB
|
The Outlook on both Bupa Finance plc's LT IDR and Bupa Insurance Limited's IFS ratings are stable.
Enquiries
Media
Rupert Gowrley (Corporate Affairs): rupert.gowrley@bupa.com
Investors
Gareth Evans (Treasury): garethevans@bupa.com
About Bupa
Bupa's purpose is helping people live longer, healthier, happier lives. With no shareholders, our customers are our focus. We reinvest profits into providing more and better healthcare for the benefit of current and future customers.
Health insurance accounts for the major part of our business with 17.5m customers and contributes 73% of revenue. We operate clinics, dental centres and hospitals in some markets, with 15.8m customers. We care for around 22,000 residents in our aged care businesses in the UK, Australia, New Zealand and Spain.
We directly employ around 83,000 people, principally in the UK, Australia, Spain, Chile, Poland, New Zealand, Hong Kong, Turkey, Brazil, the US, Middle East and Ireland. We also have associate businesses in Saudi Arabia and India.
For more information, visit www.bupa.com.
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BUPF.L (BUPF)